What purpose does a permanent magnet serve?

A permanent magnet is a material that can generate a magnetic field. Permanent magnets are made of ferromagnetic materials and are produced when the material is placed inside a magnetic field. When the magnetic field is removed, the object then remains magnetized. Permanent magnets are most commonly made from substances such as magnetite (Fe3O4), which is a naturally occurring mineral of magnets, or neodymium, which has very strong magnetic properties and is a synthetic substance. Like any other magnet, the permanent magnet produces a magnetic field that orbits the magnet in an independent pattern. The size of the magnetic field is related to the size of the magnet and its strength. Permanent magnets are also the oldest Type of magnets and are still used today for a wide variety of applications.